costs - CORRECT ANSWER-your costs affect your profit, so set the optimal price

external factors on pricing decisions - CORRECT ANSWER-demand for your product,

competition, economy

competition - CORRECT ANSWER-competitor's prices

strength of competition

economy - CORRECT ANSWER-cost of components (natural resources)

economic conditions

price elasticity - CORRECT ANSWER-tells us how much the demand for a product will

change with a change in price (% change in quantity demanded/% change ...
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